Matsa investigates restart options at Red October
PERTH (miningweekly.com) – ASX-listed Matsa Resources has inked a memorandum of understanding (MoU) with Pit N Portal Mining Services (PNP) to investigate the restart of the Red October gold mine, in Western Australia.
Matsa in September last year agreed to acquire the Red October project from fellow listed Saracen Mineral Holdings for A$1-million in cash and 4.545-million in shares.
Matsa told shareholders on Friday that the two-stage MoU was for underground studies that would determine the potential to restart mining at the project. Stage 1 would encompass high-level economic investigations, that would be completed in April this year, while Stage 2 would consist of detailed work, including mine designs and schedules, to determine the potential to restart mining operations.
PNP has agreed to provide the Stage 1 services at no cost to Matsa.
Subject to the study proving a positive economic return, Matsa would then take a decision on whether to resume mining at Red October. At this point, a formal mining contract would be entered into with PNP.
“PNP have a vast amount of experience and knowledge of Red October, having been the previous mining contractor at the mine,” said Matsa executive chairperson Paul Poli.
The Red October mine has an historical production of 342 000 oz gold at an average grade of 6.1 g/t, and includes 64 km2 of granted mining tenements and a Joint Ore Reserves Committee-compliant resource of 99 000 oz.
Article Enquiry
Email Article
Save Article
Feedback
To advertise email advertising@creamermedia.co.za or click here
Research Reports
Projects
Latest Multimedia
Latest News
Showroom
The SAIMM started as a learned society in 1894 after the invention of the cyanide process that saved the South African gold mining industry of the...
VISIT SHOWROOM
Multotec, recognised industry leaders in metallurgy and process engineering help mining houses across the world process minerals more efficiently,...
VISIT SHOWROOM
Press Office
Announcements
What's On
Subscribe to improve your user experience...
Option 1 (equivalent of R125 a month):
Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
(print copy for those in South Africa and e-magazine for those outside of South Africa)
Receive daily email newsletters
Access to full search results
Access archive of magazine back copies
Access to Projects in Progress
Access to ONE Research Report of your choice in PDF format
Option 2 (equivalent of R375 a month):
All benefits from Option 1
PLUS
Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors
including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.
Already a subscriber?
Forgotten your password?
Receive weekly copy of Creamer Media's Engineering News & Mining Weekly magazine (print copy for those in South Africa and e-magazine for those outside of South Africa)
➕
Recieve daily email newsletters
➕
Access to full search results
➕
Access archive of magazine back copies
➕
Access to Projects in Progress
➕
Access to ONE Research Report of your choice in PDF format
RESEARCH CHANNEL AFRICA
R4500 (equivalent of R375 a month)
SUBSCRIBEAll benefits from Option 1
➕
Access to Creamer Media's Research Channel Africa for ALL Research Reports on various industrial and mining sectors, in PDF format, including on:
Electricity
➕
Water
➕
Energy Transition
➕
Hydrogen
➕
Roads, Rail and Ports
➕
Coal
➕
Gold
➕
Platinum
➕
Battery Metals
➕
etc.
Receive all benefits from Option 1 or Option 2 delivered to numerous people at your company
➕
Multiple User names and Passwords for simultaneous log-ins
➕
Intranet integration access to all in your organisation
